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Knowledgebase
Balloon Payment.:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in the future

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Debt Consolidation Australia :: Articles

When should I use a personal loan?

When should I use a personal loan?

Unsecured personal loans can really help in a pinch.
If your savings are low and your car breaks down, for example, such a loan can patch up your life.
Or maybe you're buying a big-ticket item and you need backup money to cover a short-term hole in your bank account.
Unsecured personal loans are designed to be undertaken without the need to secure the loans against collateral, such as a property or a car. This makes unsecured personal loans ideal for people who do not own their own home and for people who have no other type of collateral to secure personal loans against.

Convenience

Part of their convenience is how quickly they can be approved - usually in one banking day, three tops.
Financial institutions don't care much about how you use an unsecured personal loan as long as you are a good candidate to pay it back.
The hitch is that because the borrower has no security, unsecured personal loans can be more expensive than secured loans.
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These days, even the new crop of low-rate credit cards can often be cheaper than unsecured loans.
And besides interest, watch out for any annual service or maintenance fees on the loan that is either a flat fee or a percentage of the lump sum.
On the plus side, greater competition in personal loans from smaller financial institutions like the credit unions means there is a huge variation in the interest rates being charged - from 9 to 15 per cent.

Who qualifies?

Unsecured personal loans have a wider reach than secured personal loans. Both tenants and homeowners can take out unsecured loans, as well young people who have no verifiable personal credit history. Additionally, unlike secured personal loans, unsecured loans may also be open to people who have a poor credit record.
To successfully apply for a personal loan, the applicant for the loan must have a regular source of income. Proof of income from the unsecured loans applicant is likely to be requested by the personal loans companies and many lenders will also carry out background checks on other loans, secured or unsecured, that the personal loans applicant holds now or has held in the past.
Personal unsecured loans applicants who have been resident at the same personal address for more than three years, are married and have stable employment are those most likely to be successful in obtaining personal unsecured loans.
For homeowners, personal unsecured loans are ideal should the homeowner wish not to have personal loans officially secured against their property. The most successful applicants for unsecured loans in these cases are people who have equity in their property and no other unsecured loans. These factors above all else will help the homeowner applicant acquire unsecured loans, even if the homeowner has a bad personal credit history.
Loans companies offering unsecured borrowing in general do not limit what the funds from unsecured loans can be used for, so long as the person taking out the personal unsecured loans does not use the unsecured loans funds for illegal purposes.
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Finance Articles
Co-Signing Loans - Risky Business
There may come a time in your life when you are asked to co-sign for a loan or credit card. If this is the case, there are several things to consider before making a final decision. Technically, you are putting yourself at risk of damaging your own credit in the event that the loan goes unpaid. - read more
7 things you need to know about a Hire Purchase loan
There are seven things you should know before you ever think of getting a Hire Purchase loan. Knowing these things will give you control and power in the loan process. Power and control will will save you money - read more
A Chattel Mortgage for Business Finance - Six rules of evaluation and selection.
A Chattel Mortgage loan is a simple yet effective finance option designed for business plant and equipment purchases. Here are six rules to consider when arranging finance for your business that will ensure you retain full control over the loan process and save money in the process. - read more
Utilising A Chattel Mortgage for Business Finance
A Chattel Mortgage loan is a simple yet effective finance option designed for business plant and equipment purchases. Here are six rules to consider when arranging finance for your business that will ensure that you retain full control over the loan process and save money in the process. - read more
Why did my Credit Score drop - and how can I fix it?
Your Credit Rating (or Credit Score) plays a very important role in determining your eligibility to get a loan. Here we look at the reasons why your credit score may drop and some handy tips to avoid this problem. - read more